H. Amdt. 695 - Amendment Adds Four Stipulations to the Small Business Lending Fund to Safeguard Small Businesses in the Bill: 1) Provides a Definition of What Constitutes a Small Business in Order to Ensure That Funds Are Properly Lent; 2) Links Lending Incentives to Volume in Order to Open Up the Credit Markets to Every Qualified Small Business; 3) Sets a Hardened Baseline when Measuring a Bank's Lending Record; and 4) Includes Small Business Lending Companies with Less Than $10 Billion in Assets As Qualified Financial Institutions Alongside Community Banks and Small Credit Unions.

Small Business Jobs Act of 2010

H.R. 5297 — 111th Congress
(2009–2010)

Summary

An act to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes (by CRS)

To create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, and for other purposes.

Other Titles

Small Business Lending Fund Act of 2010

Small Business Lending Fund Act of 2010

State Small Business Credit Initiative Act of 2010

Small Business Jobs and Credit Act of 2010

Plain Writing Act of 2010

Small Business Assistance Fund Act of 2010

Small Business Early-Stage Investment Program Act of 2010

Small Business Jobs Tax Relief Act of 2010

State Small Business Credit Initiative Act of 2010

An act to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes

Rules Committee Resolution H. Res. 1436 Reported to House. Rule provides for consideration of H.R. 5486 and H.R. 5297 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of each bill except for clauses 9 and 10 or rule XXI are waived.

6/15/2010

Rule H. Res. 1436 passed House.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Loretta Sanchez(CA) amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Cuellar amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Braley amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Loebsack amendment.

6/16/2010

Ms. Bean moved for the Committee of the Whole to rise.

6/16/2010

On motion to rise Agreed to by voice vote.

6/16/2010

Committee of the Whole House on the state of the Union rises leaving H.R. 5297 as unfinished business.

6/16/2010

Ms. Bean asked unanimous consent that the instruction in the amendment printed in part B of House Report 111-506 relating to page 11, line8, be considered to refer to section 4(d)(2)(A) of the matter proposed to be inserted by the amendment printed in part A of such report, as amended by the amendment in part B of such report. Agreed to without objection.

6/16/2010

Considered under the provisions of rule H. Res. 1436.

6/16/2010

Rule provides for consideration of H.R. 5486 and H.R. 5297 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of each bill except for clauses 9 and 10 or rule XXI are waived.

6/16/2010

House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1436 and Rule XVIII.

6/16/2010

The Speaker designated the Honorable Ed Pastor to act as Chairman of the Committee.

6/16/2010

GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 5297.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Israel amendment.

6/16/2010

POSTPONED PROCEEDINGS - At the conclusion of debate on the Israel amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Israel demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Nye amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Minnick amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Perlmutter amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Price (GA) amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Al Green (TX) amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Driehaus amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Michaud amendment.

6/16/2010

DEBATE - Pursuant to the provisions of H.Res. 1436, the Committee of the Whole proceeded with 10 minutes of debate on the Cao amendment.

6/16/2010

POSTPONED PROCEEDINGS - At the conclusion of debate on the Cao amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Ms. Jackson Lee (TX) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

6/16/2010

Amendment (A001) offered by Mr. Israel.

6/16/2010

Amendment (A002) offered by Mr. Nye.

currently selected

Vote

6/16/2010

On agreeing to the Nye amendment (A002) Agreed to by voice vote.

6/16/2010

Amendment (A003) offered by Mr. Minnick.

6/16/2010

Minnick amendment (A003) modified by unanimous consent.

6/16/2010

On agreeing to the Minnick amendment (A003) as modified Agreed to by voice vote.

On agreeing to the Green, Al amendment (A014) Agreed to by voice vote.

6/17/2010

Considered as unfinished business.

6/17/2010

The House resolved into Committee of the Whole House on the state of the Union for further consideration.

6/17/2010

DEBATE - Pursuant to the provisions of H.Res. 1448, the Committee of the Whole House proceeded with 10 minutes of debate on the Schrader amendment.

6/17/2010

DEBATE - Pursuant to the provisions of H.Res. 1448, the Committee of the Whole proceeded with 10 minutes of debate on the Miller (NC) amendment.

6/17/2010

POSTPONED PROCEEDINGS - At the conclusion of debate on the Miller (NC) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Miller (NC) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

6/17/2010

UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed.

6/17/2010

The House rose from the Committee of the Whole House on the state of the Union to report H.R. 5297.

6/17/2010

The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.

6/17/2010

Mr. Neugebauer moved to recommit with instructions to Financial Services.

6/17/2010

DEBATE - The House proceeded with 10 minutes of debate on the Neugebauer motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House with an amendment to add a new paragraph and subsection pertaining to SIGTARP.

6/17/2010

The previous question on the motion to recommit with instructions was ordered without objection.

Amendment adds veteran- and women- owned businesses to the groups that will receive outreach under the Small Business Lending Fund established by the bill; adds veteran-owned businesses to those businesses that should receive consideration in the Fund; adds veterans to the study on lending assistance; and requires the study to report not just on the number of loans made to women-, veteran- and minority-owned businesses, but the percent of loans that go to them as a part of the program.

Amendment adds four stipulations to the Small Business Lending Fund to safeguard small businesses in the bill: 1) provides a definition of what constitutes a small business in order to ensure that funds are properly lent; 2) links lending incentives to volume in order to open up the credit markets to every qualified small business; 3) sets a hardened baseline when measuring a bank's lending record; and 4) includes small business lending companies with less than $10 billion in assets as qualified financial institutions alongside community banks and small credit unions.

Amendment ensures that State-run venture capital fund programs will be eligible to participate in the program and clarifies that State financing programs will be eligible for the program as long as their use of new funds meets the business-sized requirements in the bill.

Amendment provides funding to eligible institutions that serve small businesses in communities that have suffered negative economic effects as a result of the Deepwater Horizon oil spill with particular consideration to States along the coast of the Gulf of Mexico.

Amendment provides that, as part of the selection criteria, the small business administrator would examine the extent to which the investment company would concentrate its investment capital on targeted industries.

Amendment includes a Sense of Congress stating that agriculture operations, farms, and rural communities should receive equal consideration through lending activities for small businesses, particularly small and mid-size farms and agriculture operations, and further states that attention should be given to ensuring there is adequate small business credit and financing availability in the agriculture and farming sectors.

Amendment requires the inclusion of linguistically and culturally appropriate outreach to the applicant's small business lending plan; provides for linguistically and culturally appropriate minority outreach and advertising; explicitly states minority-owned financial institutions are eligible for consideration of by the Secretary for funding; and requires the Secretary, to the extent possible, to disaggregate the results of the report on women-owned and minority-owned business by ethnic group and gender.

Amendment authorizes the establishment of the Small Business Borrower Assistance Program which is intended to create a fund for 7(a) loan borrowers to use if they need help paying the principal or interest payments of their small business loans.

Amendment expands the definition of "small business lending" used in the bill to include loans made to small business concerns for the purpose of acquiring, constructing, or improving industrial, commercial, residential, or farm buildings.

Organizations that took a position on
Small Business Jobs Act of 2010: On agreeing to the Nye amendment (A002) Agreed to by voice vote.

0 organizations supported this amendment

0 organizations opposed this amendment

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